Ivanhoe Australia receives $30.1 million distribution from Exco Resources’ asset sale
Robert Friedland, Chairman, and Peter Reeve, Chief Executive Officer of Ivanhoe Australia Limited (TSX:IVA)(ASX:IVA), are pleased to announce the receipt of the $30.1 million distribution from Exco Resources Limited.
The distribution, comprised of a capital return and special dividend, follows the finalisation of the sale of Exco’s Cloncurry Copper Project to Xstrata.
“This extra funding places us in a solid position in the lead-up to initial production of copper and gold from our Osborne operation this March, increasing our cash balance – including the Exco distribution – to $166 million as at 31 December 2011,” Mr Reeve said.
In total, Ivanhoe Australia has invested approximately $31 million during the past four and a half years in Exco shares and exploration work on the Ivanhoe Australia/Exco joint venture tenements. This investment has resulted in Ivanhoe Australia’s current holding of 22.6% of Exco, an 80% interest in the joint-venture tenements and the receipt of the distribution in December.
Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) is Ivanhoe Australia’s largest shareholder and currently owns, directly and indirectly, approximately 59% of Ivanhoe Australia’s issued and outstanding shares.
The distribution, comprised of a capital return and special dividend, follows the finalisation of the sale of Exco’s Cloncurry Copper Project to Xstrata.
“This extra funding places us in a solid position in the lead-up to initial production of copper and gold from our Osborne operation this March, increasing our cash balance – including the Exco distribution – to $166 million as at 31 December 2011,” Mr Reeve said.
In total, Ivanhoe Australia has invested approximately $31 million during the past four and a half years in Exco shares and exploration work on the Ivanhoe Australia/Exco joint venture tenements. This investment has resulted in Ivanhoe Australia’s current holding of 22.6% of Exco, an 80% interest in the joint-venture tenements and the receipt of the distribution in December.
Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) is Ivanhoe Australia’s largest shareholder and currently owns, directly and indirectly, approximately 59% of Ivanhoe Australia’s issued and outstanding shares.
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